What Is India Aspiring For? Report Reveals How Women Are Leading The Aspiration Index

What are the most significant aspirations of Indians? The answer to this question is a determination of many factors. What one aspires for at any given age in life is heavily influenced by both personal expectations and economic conditions. The latest All India Aspiration Index by BankBazaar notes that the priorities of most working professionals in India have shifted significantly in a world still grappling with the aftershocks of the Covid-19 pandemic and high inflation. The report, based on 1,529 responses from six metropolitan areas and more than 18 Tier 1 cities, categorises the respondents’ aspirations into five key segments: Wealth, Health, Relationships, Fame, and Personal Growth. Among these, children’s education, mental health, and homeownership have emerged as the leading aspirations of Indians.

The report notes that the All-India Aspiration Index is fractionally up but still under pre-covid levels despite a good recovery in 2022. The Index has maintained through global headwinds with Indians becoming more confident of achieving some aspirations but also becoming more indebted in the process.

However, the needle hardly moved on aspirations in 2024, the report states as people continued to battle the impact of high inflation on their wealth and wellness and the national Aspiration Index gained just 0.2 points over last year (2023).

Indians Prioritise Education, Health, and Mental Well-Being

The data shows that children’s education leads the aspiration rankings with an index score of 90.1. This is reflective of parent’s strong desire to invest in the future of their children. Moreover, this aspiration is closely followed by mental health priorities, with an index of 89.9. Poat-pandemic the focus on mental well-being has gained prominence in various spaces of life, both personal and professional. India’s top aspiration remains health with an index of 88, wherein a healthy diet and a fixed physical health regime were at 87.3 and 86.9, respectively.

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The Aspiration-Readiness gap for mental wellness seems to be closing year-on-year, from a high of 9.1 in 2022 to 7 in 2024, the data shows.

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Homeownership: A Persistent Goal For Many

The aspiration to own a home remains strong as homeownership continues to rank up there among the top three goals for many Indians. Regardless of the fact that real estate prices are going up combined with the ever-increasing cost of living, the desire for a place to call home remains a deeply rooted ambition among people.

As many as 79 per cent of respondents indicated debt burdens, often accumulated from home construction loans, with many turning to credit to manage monthly expenses, particularly in the non-metro areas.

However, the report notes that India is falling short of other wealth aspirations. Low aspirations for travel (84) and, worryingly, retirement (85.3) are dragging the wealth index to 85.1. Buying premium products is a middling 85.6.

Women, though, continue to show strong homeownership aspirations.

Urban v/s Non-metro Aspirations: The Tale Of Two Indias’

The report highlights interesting regional variations in aspiration, where non-metro respondents show a strong inclination toward entrepreneurship and living close to family. City dwellers on the other hand prioritise mental health, children’s education, and basic necessities like nutrition. The gap between metro and non-metro aspiration has been closing, which indicates that non-metro regions are quickly catching up in ambition even if their priority areas differ.

Metro people are facing the biggest aspiration-readiness gap when it comes to the desire to stay close to the family, which has widened from 5.5 in 2023 to 6.7 in 2024.

Women’s Aspirations Lead The Charge!

The gender dynamics of aspirations have evolved big time. The report notes that it is women who are driving a significant portion of the aspirations, particularly in the areas of health and relationships. They are more aspirational about health and personal growth as compared to men, showing a keen interest in entrepreneurship and keeping up the work-life balance.

As a steep contrast, the data shows that their aspiration-readiness gaps are also higher noting challenges in achieving many of the goals set by them. For instance, women, mostly those coming under the category of ‘early jobbers’ show a significant gap, at 7 per cent, in fulfilling their housing aspirations. On the other hand, ‘Wealth Warrior’ men, who are paces ahead in their careers show lower gaps in wealth-related aspirations. However, they are expressing urgency towards achieving their financial goals such as homeownership and early retirement.

What Affects The Aspirations of Indians?

The aspiration index continues to evolve in one area or the other, shaped mainly by social-economic changes. The rising costs of living, high food inflation, and the financial pressures of returning to metro cities have somewhat forced people to reassess their priorities. While non-metro individuals are rising, economic burdens have pushed them towards more reliance on credit, as 45 per cent of them report using loans to cover even their monthly expenses. This trend is reflective of the financial strain being faced by many, even as they remain determined to achieve their aspirations.

However, despite such challenges, the overall aspiration index slightly rose by 0.2 points since last year. Such stability could also reflect that while aspirations have adjusted to present economic conditions, the opportunities to raise ambitions aren’t flat yet. This is more visible when it comes to the goal of funding children’s education, taking care of mental health, and securing a home.